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Carnival Corporation Ltd. established a $2.0 billion commercial paper program on November 3, 2026, issuing short-term unsecured notes guaranteed by Carnival UK Ltd. with maturities of up to 180 days.
Carnival Corporation said third-quarter net income exceeded June guidance by over $100 million, lifted full-year EPS guidance to $2.24, and is half booked for 2027 at record occupancy and pricing; nearly $2 billion in shareholder returns are expected.
Carnival Corporation Ltd. replaced its prior shelf registration on September 29, 2026, permitting sales of common shares, preference shares, debt securities, warrants, purchase contracts and units; Carnival UK Ltd. may guarantee debt securities. Proceeds may support general corporate purposes.
Carnival Corporation Ltd. reported operating income of $3.7 billion for the nine months ended August 31, 2026, down $70 million, while operating cash flow increased $603 million to $5.3 billion; liquidity totaled $5.7 billion.
Carnival Corporation reported third-quarter net income of $1.9 billion, adjusted net income of $2.0 billion and adjusted EBITDA of $3.0 billion; full-year 2026 operational improvement is more than $150 million in adjusted net income compared to June guidance.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. Carnival posted record Q3 revenues, yields, and net income, beating June guidance on net income by over $100M, and raised full-year adjusted EPS guidance to $2.24 (up $0.02) driven by operational improvements that more than offset a $150M fuel headwind. The company also reported record customer deposits of $7.6 billion, with 2027 already half-booked at record occupancy and pricing, and completed ~$1.2B in share buybacks year-to-date.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted cruise costs excluding fuel per ALBD non-GAAP | $119.12 | Nine Months Ended August 31, 2026 | — |
| Adjusted cruise costs excluding fuel per ALBD (in constant currency) non-GAAP | 1.8% | Q3 2026 | — |
| Adjusted cruise costs excluding fuel per ALBD - Constant Currency non-GAAP | $117.09 | Nine Months Ended August 31, 2026 | — |
| Adjusted cruise costs per ALBD non-GAAP | $141.05 | Nine Months Ended August 31, 2026 | — |
| Adjusted cruise costs per ALBD - Constant Currency non-GAAP | $139 | Nine Months Ended August 31, 2026 | — |
| Adjusted earnings per share - diluted non-GAAP | $2.03 | Nine Months Ended August 31, 2026 | — |
| Adjusted EBITDA non-GAAP | $5.84B | Nine Months Ended August 31, 2026 | — |
| Adjusted gross margin non-GAAP | $6.36B | Three Months Ended August 31 | — |
| Adjusted net income non-GAAP | $2.81B | Nine Months Ended August 31, 2026 | — |
| ALBDs | 73.3M | Nine Months Ended August 31, 2026 | — |
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| Cruise costs per ALBD | $207.92 | Nine Months Ended August 31, 2026 | — |
| Customer deposits | $7.6B | Q3 2026 | — |
| Dividends distributed | $204M | Q3 2026 | — |
| Dividends distributed year to date | $618M | Year to date 2026 | — |
| Fuel consumption in metric tons (in millions) | 0.7M | Three Months Ended August 31 | — |
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| Fuel consumption in metric tons per thousand ALBDs | 26.9 | Three Months Ended August 31 | — |
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| Fuel cost per metric ton consumed (excluding emission allowances) | $826 | Three Months Ended August 31 | — |
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| Gross margin yields (per ALBD) | $85.94 | Nine Months Ended August 31, 2026 | — |
| Net yields (in constant currency) non-GAAP | 2.4% | Q3 2026 | — |
| Net yields (per ALBD) non-GAAP | $220.8 | Nine Months Ended August 31, 2026 | — |
| Net yields (per ALBD) - Constant Currency non-GAAP | $216.99 | Nine Months Ended August 31, 2026 | — |
| Occupancy percentage | 111.8% | Three Months Ended August 31 | — |
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| Passenger Cruise Days ("PCDs") (in millions) | 27.9M | Three Months Ended August 31 | — |
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| Passengers carried (in millions) | 3.9M | Three Months Ended August 31 | — |
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| Share repurchases since the beginning of the third quarter | $800M | Q3 2026 | — |
| Share repurchases year to date | $1.2B | Year to date 2026 | — |
| Capacity increase in ALBDs | 2% | Three Months Ended May 31, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CCL
this stock
Carnival Corp Ltd.
|
$39.30B | -4.3% | +7.8% | 12.7 | 3.0% |
|
BKNG
Booking Holdings Inc.
|
$118.68B | — | +13.4% | 17.3 | 2.3% |
|
ABNB
Airbnb, Inc.
|
$111.46B | +37.6% | +10.3% | 34.8 | 2.2% |
|
RCL
Royal Caribbean Cruises Ltd
|
$86.47B | +15.9% | +3.3% | 19.1 | 4.3% |
|
VIK
Viking Holdings Ltd
|
$40.14B | +25.9% | — | — | 2.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Carnival Corporation Ltd. established a $2.0 billion commercial paper program on November 3, 2026, issuing short-term unsecured notes guaranteed by Carnival UK Ltd. with maturities of up to 180 days.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CCL | -1.2% | +12.9% | +9.4% | +1.4% | -4.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -3.8% | +14.0% | +8.9% | +1.6% | -14.9% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
